Global private equity giant Blackstone has exited Embassy Office Parks REIT, India's first publicly traded real estate trust. The company offloaded its entire 23.5% stake in a block deal on Wednesday estimated at a whopping ₹7,100 crore ($850 million), said people in the know.
Blackstone sold its shares at ₹316 apiece, attracting top buyers like Bain Capital, ICICI Prudential Mutual Fund, and Capital Group, each snapping up 7-9% stake in the company.
Blackstone's ownership in Embassy REIT has gradually declined from 55% during the REIT's initial public offering (IPO).
The PE fund started divesting with modest stake sales of 8% in June 2020 and 6% in September 2021, followed by a larger 8% block sale in September 2022. The sale of Embassy Tech Village in December 2020 further diluted Blackstone's stake.
Its exit culminated in December 2023 with a significant 23.5% stake sale, marking a complete departure from the REIT.
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